The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1887-03-18

PREDICTION OF n PaNIC.-Wash' March
9.-It is probable that the last Z. css will
have much to answer for in its fl: az: to reduc,
the surplus by cutting down ts"' taxation.
If n high government officials judgment is
10 be trusted, the country is now upon the
eve of financial pauic, sure to be brought
about by the arbitrary withdrawal of currency
through needles. taxation, and the locking up
of this money in the Treasury. This govern
ment official said to-day in privlte cpnversa-
tion:
There will he n financial stringcncy very
soon, which, in my Judgment will lead to
panic. The constant accumulation OF money In
The Treasury without any form OF relief posi-
bls aft er the first Of tho fiscal year is certain to
be followed by n crash 1t may be tidcd over
TO next FALL but in my judgment the event is
not over two months away.
lis there no way OF av"iling this possible
EVENT."
mo. The pinch is now being felt. II Con.
gross were to be assembled tomorrow, the
crash would come before they could get through
wrangling over n measure of rclof Tho fail
ure Of the deficiency bill also aid, TO the com
plicstions Of the present financial situation. In
that bill there was an Appropriation to pay
for the printing of the issue Of the silver certi-
fcatcs, in amounts Of one and two dollar notes.
That gave o reserve power Of relief to u dimin-
ishing circulation, which will soon be cut OFT
altogether. Whether this financial s,ringcncy
can DO headed of until next Fall will depend
very much upon whom the President places at
tho head Of the Treasury. Mr.. Manning IS
retiring in good time. He has had compara-
lively sunny weather, and is to be congratulH-
ted upon his escape from the coming storm in-
dicated by this black surplus cloud.
This gentleman is not an aarmist. lilo is
serious grave man of affairs, who understands
tho financial situation thoroughly. lie is com
PEELED to study the signs Of the times, If for no
other reason than his own private interests,
which are largo.
If all the bonds now subject to call, amount
ing in round numbers to Si0O00,0O0, are paid
off y the first of next July, then the Treasury
WILL through the forced collection Of existing
| taxes, lock up in the Treasury, AMI, conse-
Quenty, Withdraw from circulation, from So
600, 600 to SS ,O00, 900 a month,
| 1t will not take any business man long to
| estimate the results that must surely follow
| such m arbitrary and abrupt contraction Of
| the currency. The Cleveland administration is
| at the most critical period in its history.
financial panic would mean hard times, and
| while Congress would come in for its share Of
| the burden Of the responsibility, yet the admin
| istration would also be blamed. The President
| could not avoid censurc in not using the full
extent Of his great official power to have forced
| the Democratic House to pass some measure of
| relief. The President does not today comPre-
hend tho serious financial situation 10 its fullest
extent, but he has learned something of it in
his canvass for Secretary Of the Treasury.
Undoubtedly Speaker Carlisle refused to
| consider taking the Treasury owing to his clear
| knowledge of the financial situation and the
possibilities Of the future. In an Interview
| printed in last Mondays World he predicted
severe financial stcingency no later than next
| Fall.
Ifthc World correspondent could give the
namo Of the government official who believes
that the financial stringency will come this
| Spring, there would he no doubt in the minds
ofany one that the situation must bc grave in
deem to warrant so positive sensational state
| ment from one, who, in financial matters, goes
| to the very extreme of conserv,tism.-NcV
| Trrk World.